The price of the dollar against rupee touches an all-time high of Rs 148 in the open market. The dollar hike has concerned the public, who took to social media to voice their concerns.
At the beginning of the week, the US dollar had gained Rs 2 against the rupee in the open market. It was expected as there were strong speculations that rupee will depreciate to a significant extent.
Experts expected a dollar hike after bailout agreement with the International Monetary Fund (IMF) was signed. In its statement on the programme, IMF spoke about a “market-determined exchange rate”. Following it, the financial markets have not taken the word well.
Subsequently, speculations broke out in the forex markets as small and large investors started looking towards the greenback.
“The potential for higher rate of dollar is visible in the inter-bank money market” – a banker was recently quoted as saying. (Source: DAWN)
Previously, Secretary General of Exchange Companies Association of Pakistan Zafar Paracha predicted on Monday that the devaluation of rupee as a result of IMF agreement has depressed the market and it is expected to further devalue.
“Fears of further devaluation as a result of the agreement with the IMF have depressed the currency market and the rupee may lose more against the greenback in the coming days” – he predicted on Monday.
Nation expressed concern over dollar hike:
The greenback was valued at Rs 141.5 yesterday while climbed Rs 6.50 to hit a historical high today. The dramatic rise has concerned people.
The fall in the rupee’s value has come one day after Prime Minister Imran Khan established a committee to control the devaluation of the local currency and capital flight from Pakistan. Conversely, the experts have shown their disappointment as the IMF terms have been kept disclosed and might impact more in future. Here is what the people had to say:
In Madinah ki Riyasat of PTI, Chief minister punjab Usman Buzdar drove his Range Rover while 35 commandos ran on both sides of the road to give security, 11 protocol cars followed, 1 helicopter in the air, 2 ambulances and 1 Firebrigade engine. This is IK’s Naya Pakistan!#Dollar pic.twitter.com/Z8Mo5rCGjE
— Faheem Saeed (@faheemsaeed44) May 16, 2019
— Minhaj Barya (@minhajbarya) May 16, 2019
— Adonis (@drrahmadtufail) May 16, 2019
— Ali Adnan (@AliAdnanShah3) May 16, 2019
Enjoy Naya Pakistan.
With #Dollar close to 150, here is the situation of stock market !
KSE-100 plummets over 700 points in intra-day trading https://t.co/vc7SWV15Oe
— Adonis (@drrahmadtufail) May 16, 2019
— Syed Usman Shah (@Warpeds0ul) May 16, 2019
The team handling IMF are loyal to Pakistan or not, we have no clue but their future steps may clear the situation. At the moment we need someone rebuilt trust of Pakistani currency so people stopped buying #Dollar anymore. More frustration means more devalue
— Asim Raza (@Engrasimraza) May 16, 2019
Imran Khan said when he was in opposition
"When dollar rate is high then remember that your PM is corrupt"
According to Imran's statement
Imran is corrupt#Rupee #Dollar #NayaPakistan https://t.co/2YQPaQyFWr
— Muhammad Najam ul hassan (@I_am_Najam) May 16, 2019
@FarhanKVirk raise your voice against #Dollar . It has reached 148 .@Asad_Umar and the rest of financial team could not even imagine how middle and poor class is living in Riasat e Madina.
As a two time voter of @pti for the first team really depressed.@ImranKhanPTI ? ? ?
— AWR,Khalil (@WRKhalil) May 16, 2019
— Sania Ashiq (@SaniaaAshiq) May 16, 2019
Post #IMF market situation:
PSX down by 2.4 percent today & finished
at 33900 points, falling 816 points#Dollar at open market up by Rs 1 to trade at 143.70. Dollars at interbank closed unchanged at 141.39
These r knee jerk reactions. PSX & $ rate shud settle by next week.
— Abid Qaiyum Suleri (@Abidsuleri) May 13, 2019
US #Dollar touches all-time high at Rs146.25 in open market. Can poor of Pakistan survive present burst of devaluation that will make basic living beyond common man reach?
— M Ali Sulehria (@alisulehria) May 15, 2019
— Usman Tahir (@usman_tahirr) May 16, 2019
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